Published on Feb 2, 2024
If you are preparing for tax season, it is important to understand Form 26AS. This document provides a comprehensive snapshot of your tax-related transactions, making it your go-to source of information for filing tax returns. We have formulated this guide to ensure you fully understand Form 26AS.
This comprehensive guide walks you through the steps to view and download Form 26AS online with ease. Whether you want to check your TDS details or ensure accurate tax returns, this form will help you. It further explains different parts of Form 26AS, its uses and benefits, and, most importantly, provides a list of things to verify in your TDS Certificate from this form. Let’s get started!
Form 26AS is a crucial document that provides a consolidated view of all your tax-related transactions. Simply put, it is a statement of your tax credit, summarizing details such as tax deducted at source (TDS), tax collected at source (TCS), advance tax payments, and more. This form is not just a record but is the key to ensuring that taxes deducted from your income have been appropriately deposited with the income tax department.
Additionally, Form 26AS has evolved to include information on high-value transactions like mutual fund purchases and dividends, making it a comprehensive tool for verifying and managing your tax liabilities. It is crucial to understand and regularly check Form 26AS for hassle-free filing of your income tax.
Form 26AS offers a consolidated record of various tax-related details associated with your Permanent Account Number (PAN). Here's a list of things that you can find in this comprehensive statement:
This consolidated view ensures you comprehensively understand your tax-related transactions, facilitating a smoother income tax filing process.
Form 26AS can be viewed in two modes:
For viewing and downloading Form 26AS through the TRACES portal, follow these steps:
To access Form 26AS via net banking, ensure your PAN is linked to your account with an authorized bank. Log in to your net banking, locate the Tax Credit Statement section, and view or download Form 26AS for free.
Must Read: How to e-Verify your Income Tax Return (ITR)
Part A of Form 26AS provides quarterly details of Tax Deducted at Source (TDS) from your salary, interest, pension, and more. It includes the deductor's TAN, TDS amount, and deposits made to the government as given quarterly. This part is essential to understanding the income tax deductions made during the year.
Form 26AS Part A1 is crucial for those submitting Form 15G/Form 15H. It reveals details of income where no TDS was deducted, reflecting the status of TDS deduction based on submitted forms. If you haven’t submitted the forms, it will display ‘No transactions present.’ Verify your TDS status conveniently with Part A1 and ensure accurate tax compliance.
Form 26AS Part B provides insights into Tax Collected at Source (TCS) by sellers. It discloses the details of the sellers who collected tax from you. Stay informed about TCS entries in this section, ensuring a comprehensive view of your financial transactions and tax implications.
Form 26AS Part C provides you with critical information about tax payments beyond TDS and TCS. This section outlines the taxes that you have deposited yourself, including advance and self-assessment taxes. You can find a comprehensive breakdown of your direct tax contributions here, including details about the challans used for payment. This gives you a clear snapshot of your tax payments.
Form 26AS Part D, provides valuable information about the tax refunds you have received. This section offers a clear and concise overview of your refunded amounts, including details about the assessment year, payment mode, interest, and payment dates. By reviewing this information, you can gain insights into your financial transactions and ensure a transparent record of all your refunds.
To better understand your financial profile, you can explore Part E of Form 26AS. This section provides information on AIR transactions reported by banks and institutions, including high-value financial activities such as property purchases, mutual fund investments, and corporate bonds. Reviewing this section can uncover significant transactions and gain insights into your financial activities.
You should look into Form 26AS Part F to understand the TDS (Tax Deducted at Source) on the sale of immovable property transactions. This section details tax deductions and deposits, whether buying, selling, renting, or engaging in contractual work related to immovable property. Stay informed about the financial aspects of property-related transactions by referring to this section.
Form 26AS Part G provides information on TDS defaults post-processing of TDS returns. Reviewing these defaults and looking for any discrepancies in TDS deductions is important. Please note that these defaults don't include any demands raised by assessing officers. Any TDS-related issues should be addressed promptly to ensure a smooth tax journey.
Section H in Form 26AS gives an overview of your business's financial activity, which corresponds with your GSTR-3B returns. This section shows your turnover details, which are important for accurate reporting. You should review and verify your turnover details to ensure compliance and transparency in your tax records.
Form 26AS holds significant importance for taxpayers like you for several key reasons:
Form 26AS, therefore, plays a crucial role in promoting transparency, accuracy, and accountability in the income tax filing process.
Form 26AS offers valuable advantages for you, the taxpayer, in managing your tax-related affairs-
In essence, Form 26AS empowers you with a comprehensive overview of your tax-related transactions, simplifying the income computation and ITR filing process while promoting financial transparency.
Submitting Form 26A/27BA online is a simple process. Here are the steps:
By following these simple steps, you can efficiently submit Form 26A/27BA online and ensure compliance with tax regulations.
As a taxpayer, it is important to carefully cross-check your TDS certificate, whether it is Form 16 for salaried individuals or Form 16A for non-salaried individuals, with Form 26AS. Make sure to verify the following key aspects for accuracy:
1. Personal Details- Check your name, PAN number, deductor’s TAN, refund amount, and TDS amount to ensure that they are accurately reflected. Any discrepancies can create complications during the Income Tax Return (ITR) filing.
2. TDS Amount Alignment- Verify if the Tax Deducted at Source (TDS) amount on the certificate matches the data in Form 26AS. Comparing the two helps ensure the deductor has submitted the TDS on your behalf.
3. TDS in Form 26AS- Confirm that the TDS mentioned in Form 16/16A is correctly reflected in Form 26AS. If not, it may indicate a failure on the deductor's part to deposit the deducted tax with the income tax department, requiring prompt corrective action.
Notify your deductor of any mismatches between the TDS certificate and Form 26AS. Accurate TDS filing using your PAN can prevent issues and ensure smooth tax processing.
It is important for taxpayers to regularly review Form 26AS to ensure accurate and transparent income tax filing. As you manage your tax-related transactions, it is important to maintain financial control.
In case of immediate financial needs, consider exploring SMFG India Credit's personal loan facility, where you can avail instant personal loan up to INR 25 lakhs*. You can experience a hassle-free, 100% online, and paperless process with quick approval and fund transfers post your loan approval. You can benefit from minimal processing fees, flexible tenures, and no hidden charges. Apply now!
To download Form 26AS in Excel format:
Form 26AS can only be rectified by informing the deductor, who must then file a rectified TDS return. It is not possible for the deductee to make any corrections on their own.
Form 26AS includes details of tax deducted at source (TDS), tax collected at source (TCS), advance tax, self-assessment tax, and refund details, providing a comprehensive view of your tax-related transactions.
To fulfill TDS requirements, you may need to submit various forms based on the nature of deductions. Forms include Form 24Q for salaries, Form 26Q for non-salary payments, Form 27Q for non-residents, Form 26QB for property transactions, Form 26QC for rental income, and Form 27EQ for TCS.
Form 26AS is crucial for verifying TDS/TCS details, accurately filing income tax returns, claiming refunds, tracking tax status, and detecting discrepancies in your tax records.
If the amount of advance tax paid is wrongly reflected in Part C of your Form 26AS, you can rectify the error. Taxpayers can correct the error in the tax challan through the bank or an assessing officer.
No, not directly. You cannot change information on Form 26AS directly, but you can request corrections to PAN details through the income tax department’s website.
The password for the PDF format of Form 26AS is the date of birth of the PAN holder in the format DDMMYYYY.
TDS will reflect in Form 26AS approximately seven days after filing a TDS return. The Centralized Processing Center (CPC) processes the return, and the updated information is then made available in Form 26AS.
Form 26AS gets updated once the income tax department processes the TDS return filed by the taxpayer. The update occurs after the department verifies and incorporates the TDS information into the taxpayer's Form 26AS.
*Terms and conditions apply
**Subject to foreclosure charges. Terms and conditions applicable.
Was this helpful?
*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.